GlobalCorp has some big plans in the pipeline: Non-banking financial services firm GlobalCorp wants to expand its portfolio “beyond B2B leasing and factoring solutions” to become a “comprehensive NBFI platform catering to both B2B and B2C clients,” the company said in a press release (pdf) yesterday. The move comes amid a bid to expand the company’s market reach and expand its footprint in the country.

Fresh capital injections will back its expansion agenda: The company also said it will increase its issued and paid-in capital as part of this expansion plan. The firm will raise its issued capital to EGP 1.5 bn from EGP 1 bn and its paid-in capital to EGP 1.4 bn from EGP 600 mn by year end. The increase is set to make GlobalCorp the biggest NBFI across Egypt in terms of paid-in capital, the statement reads

Where’s the money coming from: The firm said that the capital increase is courtesy of its existing shareholders, which include the European Bank for Reconstruction and Development, Amethis, SPE Capital Partners, and GlobalCorp founder and boss, Hatem Samir.

What they said: “We believe that the recent capital injection is a testament to our shareholders’ confidence in GlobalCorp’s strategic direction and our commitment to redefining financial solutions in Egypt,” said Samir “By expanding our capital base and evolving into a comprehensive non-banking financial institution platform, we are positioned to better serve both businesses and consumers, empowering economic growth and financial inclusivity across the country.”

** Samir spoke at this year’s Enterprise Finance Forum about the challenges and possibilities of local SME financing. You can check out our rundown of the session here.

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